Greetings everyone, today we are back again we yet another success story. I have met one of my friend
who paid 30 thousand dollars in debt in a short time. She was a mother and had many challenges on her
way but she made it through and become a success story and a motivation for many. So starting the
How Did She got that much Debt?
This is one of the question that I usually ask from anyone who has paid off his or her debt because most
of the people unintentionally get that much debt and then after a time they get to realize that they have
a big debt to pay. When I asked the same question from Jennifer, she told me that they a tax payment
due and then due to that they took a personal loan of $5,000. After some time, they again took a
personal loan for their home renovation of $10,000. And in the meantime, they also got a loan for
investment which was of $15,000. So all this added up to a huge debt of $30,000.
How it Felt to be in Debt?
When I asked her about what was her feelings when she was in debt, she said, “It was not good to have
that much of debt on myself, I usually felt a lot of stress at the time of budgeting because I have to
manage my debt payments with different bills. It was a very difficult time for me as I would usually run
short of money. The money that I took as a loan was looking useless and it was the worse time of my
How Long Did She Took?
One of the important question of this meeting was that how long did she took to pay all the debt and in
reply she told me that it took them 18 months to pay all the debt. In the first she did not took his debt
serious but after sometime she and her partner realized that this was not working for them and the
amount of money was increasing day by day. So they decided to took it serious and then just in 18
months they paid all of their consumer debt which was $30,000
From Where She Took Help?
She told me that she was not interested in the debt payments and in the start was only paying the
minimum payments but after the time she realized that the loans are making an issue for them as they
came up with high interest rate so they decided to get rid of them. She took help from online companies
and refinanced her debt. She was paying high interest rate of 15% and after she refinanced, she bought
her interest rate to 4% which is much lower than the previous one. This gave her a peace of mind and
she was able to pay the loan in a shorter time and easily. So refinancing your personal loans can help
you a lot when it comes to saving money.
Which Challenges Did She Faced?
Yeah she did faced a lot of challenges as she did not have any social life and was unable to have time
herself. She was kind of a party girl that usually spent a lot of time in the club and she loved to travel too
but in the process of debt repayment she was unable do any of these both things. She did not had time
because she along with her partner were working on side hustles and part time jobs so that they could
be able to pay the loan on the time.
Did Her Partner Supported Her?
Of course she said that it was not possible for her to pay that much of a debt without the support of her
partner, she told me that they were not married but they were living together and that helped me a lot.
He gave her all of his extra funds and was supportive when she was working all that extra hours to pay
her debt. This made it easy for her to work and pay the loan.
What Was Her Primary Job?
She was an office manager for an organization and apart from that she was doing a number of different
side hustles. She was doing a hospitality job in the evening and was working at a music store in the
weekends. That means that she working for seven days and the maximum of time. She also worked on
the public holidays and when it was the Christmas season, she had to work extra hours in the office and
then on his part time job. This was very difficult for her as she was physically tired and exhausted and
was unable to take care of her health. She kept herself motivated all the time and did not backed form
any of the job. When the time came and she paid her last debt payment, she was working as a manager
of a travel agency. Thus she worked on a number of different jobs on various positions.
What Was Her Feelings When She Paid It All?
When I asked her this question a beautiful smile came to her face and she told me that she was over the
moon when she had paid her debt. She told me that it was an awesome feeling for her and she was
feeling powerful again. She told me that in the process of paying off debt, she learnt a lot of new things,
she transformed herself in to a money making machine and she continued to make money and then
traveled a lot.
What was Her life After Being Debt Free?
After she had paid all the debt, her life changed dramatically. As she paid her consumer loan she then
went for the mortgage and soon paid that off to. After they were debt free, they got married and after
some time she was blessed with a baby boy. She fulfilled her dreams and travelled to different parts of
the world in just short period of time. She did not have to worry about the finances as she had enough
money to make a living.
She said that this would not be possible if she had not paid the debt because those high interest rate
consumer debts were the traps that took a precious time of my life. Now as she is debt free, she has no
payments to make and she lives a free life and travels to the world with her family without having the
stress of debt repayments.
What Suggestions Did She Had for Others?
Of course this is one of the important question to ask as she learnt a lot while she was in the process of
debt repaying and it is better to learn from her experience. She said that the first thing that a person
needs to do is that he or she should change their attitude before anything else. They should be crystal
clear in their mind that they need to pay the debt off and for that they could sacrifice anything that they
could make a positive mark. She said that she was always ok with debt as it was okay to have debt but
when she paid the debt off and got extra money every month, then she realized that being debt free is a
heaven and life changes dramatically.
Another thing she suggested that the person who wants to pay off the debt should be willing to live a
frugal life, you cannot pay the debt faster in less time if you do not cut your expenses. It requires a
change in habits before you can achieve anything. You should be looking to increase your income every
time there is an opportunity.
Another thing that she did was that she done a balance transfer to another newer card to get a lower
interest rate, by this she got a lower interest rate, this helped her save a lot of interest money. She said
the if you want to do the same then keep in mind that you should never use the new card until you pay
all the balance amount because if you use the card, this will increase the debt that will increase the
interest rate too.
She said that many people stop earing extra money once they are debt free but she did not and saved a
lot of money. She said that she kept working for a longer period of time and put all the hard earned
money in to high profit saving account. This really worked for her as she travelled the world with that
hard earned money. She also added that you should have a goal before you start anything. Having a goal
keeps you motivated to do a lot of new things, as she had a dream of travelling the world, so she kept
thinking about her dream all the time and kept her motivated.
So this is it from today’s session. Do comment in the section below and let us know if you have any
queries regarding the article because we would love to hear from you. Have a good day!